SSE/EFI Working Paper Series in Economics and Finance
No 532:
William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship
Gunnar Eliasson and Magnus Henrekson ()
Abstract: William J. Baumol is the 2003 winner of the International
Award for Entrepreneurship and Small Business Research. Throughout his
career Baumol has urged the profession to pay attention to the instrumental
role of entrepreneurship in economic renewal and growth. At the same time
he has insisted that economists continue to use their usual tool box when
the purview of analysis is extended to entrepreneurship. Hence, Baumol can
be characterized as a revolutionary from within. In this article we present
and discuss Baumol’s research contribution in the areas of entrepreneurship
and small business economics, notably from a growth perspective. In
addition to placing his work in these areas into the wider context of his
full contribution, we emphasize Baumol’s findings that growth cannot be
explained by the accumulation of various factors of production per se;
human creativity and productive entrepreneurship are needed to combine the
inputs in profitable ways. As a result, an institutional environment that
encourages productive entrepreneurship and human experimentation becomes
the ultimate determinant of economic growth.
Keywords: Economic development; Entrepreneurship; Small business economics; (follow links to similar papers)
JEL-Codes: B49; B52; B53; O31; (follow links to similar papers)
12 pages, August 25, 2003
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- This paper is published as:
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Eliasson, Gunnar and Magnus Henrekson, (2004), 'William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship', Smalll Business Economics, Vol. 23, No. 1, pages 1-7
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